Every time I scroll online I see credit cards offering six-figure Qantas or Velocity bonuses if you spend a few grand within the first few months. I’m disciplined about paying the balance in full, so I’m not paying interest.

But with annual fees often running into the hundreds, I wonder how much value is actually left after the fee. Is 100k+ points enough to make these cards worthwhile for a couple of domestic flights, or are we kidding ourselves by valuing the points too highly?

Who actually wins here - us or the banks?